“The banking woes across the bond and sharply weaker equity markets in periphery countries like Greece and Italy appear to be generating new anxiety in the US,” Levkovich wrote. “Terms like counterparty risk and potentially new European bank equity capital needs to offset write-offs are coming to the fore when chatting with investors.”

To Lekovich, this indicates that fear is driving the market. Levkovich highlights recent labour market data from the US — including the latest readings on job openings, which showed a high degree of turnover in the labour market, signalling confidence among US workers — which indicates an economy that is not about to roll over.

And while global markets can certainly have a huge sell-off without a recession, at some point this will stop when markets realise, as Levkovich writes, the world isn’t about to fall apart.

As Levkovich writes, “It looks very much like 2011-12 and nothing like 2008.”